North American Oil and Gas Stronghold, PSN, Secures Second Multi-Million Dollar Joint Venture in Sakhalin Island



    HOUSTON, August 1 /CNW/ - International oil and gas contractor, PSN, has
secured a new joint venture with TransStroy Sakhalin, Sakhalin Technical
Services Network (STSN), signing a multi-million dollar contract with a major
operator on Sakhalin Island. PSN, which also has a stronghold in the North
American market, only recently acquired a contract to supply technical support
services as Sakhalin Energy Investment Company (SEIC). The move firmly
establishes PSN in the Far East Sakhalin Island market.

    Ali Green, Business Development Director, said: "These awards are a
tremendous achievement. We are excited about the opportunity to deliver
premium technical and engineering services to two of the most technologically
advanced offshore energy development projects in the world. This success
firmly establishes PSN in the Far East Sakhalin Island market and offers us
exciting opportunities for future strategic growth.

    "These new awards, jointly worth over $100 million, will create up to 250
new jobs, 150 of which will be based on Sakhalin Island and up to 100 based in
Melbourne, Australia. PSN is committed to localisation and relies on local
talent for local markets. Our Sakhalin projects will employ Russian
specialists and resources, supported by expertise from the rest of PSN's
global network. We will create local jobs for local people to ensure our teams
have the right technical, design and engineering expertise to work at the
frontier of the emerging Russian market.

    "Sakhalin Island is of critical importance to the global oil and gas
industry. It offers enormous energy reserves but also enormous technical
challenges. Sakhalin's near-arctic conditions, massive ice flows, and extreme
temperatures demand innovative engineering and logistical solutions. These
projects offer an exciting opportunity to explore new methods and technology
at engineering's cutting edge."

    PSN's U.S. operations are based in Houston, Texas and have been
incredibly successful in the company's first year with North American revenue
increasing by more than $50 million (US) and the addition of 200 new U.S.
jobs. "In May 2007, CEO Bob Keiller pledged to create at least three new
international businesses, in just 12 months," said Zeffrey Lucas, president of
PSN U.S. "This aggressive growth pledge is expected to generate an additional
$300 million (US) of revenue for PSN over the next 5 years. These new Sakhalin
Island ventures demonstrate our commitment to meet our global pledge and
reveal our international reach. We have significantly grown our network of
capabilities and services which will benefit all of our customers whether U.S.
based or abroad."

    PSN's Canadian operations, based in St. John's NL, also directly benefit
from global expansion, according to Roger Clarke, vice president of PSN
Canada. "Our solid work in the harsh water environment off the east coast of
Canada has equipped and prepared PSN for expansion into the Alberta market.
Canada continues to play a key role in PSN's global operations and overall
global strategy. With our North American colleagues, we are poised for
continued growth, building on a successful first year as PSN."

    PSN (Production Services Network) is a major, independent, international
service contractor to oil, gas and other process industries. PSN was formed on
May 1st 2006 when CEO Bob Keiller and his management team completed an
award-winning $280 million management-buy-out from KBR. PSN's turnover is
forecast at over $1 billion, with an order book worth more than $2 billion and
work secured to 2013.




For further information:

For further information: Production Services Network U.S. Operations
Caitlin Bubela, 713-970-2100 www.psnworld.com/media or Canadian Operations
Karen McCarthy, 709-693-5872 www.psnworld.com/media

Organization Profile

PRODUCTION SERVICES NETWORK

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890